BUSINESS
RBI asks banks to prepare for transition from LIBOR
"Banks and financial institutions are encouraged to cease, and also encourage their customers to cease, entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted ARR (Alternative Reference Rates), as soon as practicable and in any case by December 31, 2021," an RBI circular said on Thursday.
Global cues, profit booking pulls equities down
Weak global cues triggered profit booking. Besides, selling was broad-based as most of the sectoral indices on both the key indices closed in the red. The S&P BSE Sensex closed at 52,568.94, lower by 485.82 points, or 0.92 per cent, from its previous close of 53,054.76. It had opened at 53,065.69 and touched an intra-day high of 53,103.03 and a low of 52,428.84 points.
SEBI bars Allegro Capital, its CEO over insider trading in Biocon shares
"Kunal Ashok Kashyap and M/s Allegro Capital Private Limited shall not buy, sell or otherwise deal in the securities market in any manner whatsoever or access the securities market, directly or indirectly, for a period of one year from the date of this order," it said. The market regulator has also imposed a penalty of Rs 10 lakh each on the investment advisory firm and its head.
Reliance Infra-led BSES discoms geared up for monsoons
Some of the unique problems during the rainy season are water-logging, strong winds uprooting trees, and falling branches that damage electricity installations, resulting in power outages. In order to safeguard human lives and electrical equipment, it also becomes necessary to switch off the electricity supply to an affected area as a precautionary measure
Amazon announces Prime Day sale on July 26-27 in India
It will also include Amazon devices, fashion and beauty products, home and kitchen, furniture, everyday essentials and more to Prime members, along with new launches, entertainment benefits and much more. Over 91,000 sellers from over 5,900 pin codes saw success during Prime Day 2020; more than 62,000 were from non-metro and tier 2/3 cities across India and 31,000 sellers witnessed their highest sales.
Cabinet announces Rs 23K cr package to fight Covid
Addressing a press conference here, newly-appointed Union Health Minister Mansukh Mandaviya said: "Rs 23,000 crore package to be given to deal with the problems that occurred in the second wave of Covid-19. The package will be used jointly by the Central and state governments." He said the Centre will share Rs 15,000 crore while the state governments will share Rs 8,000 crore of the said package.
DBS India grows profitability despite Lakshmi Vilas Bank amalgamation impact
In FY21, the bank's net revenues grew by 85 per cent to Rs 2,673 crore (including Rs 134 crore from the Lakshmi Vilas Bank (LVB). The results also include the LVB's performance since November 20, 2020, the date when it amalgamated with the DBIL. The bank's profit before tax rose to Rs 679 crore from Rs 170 crore in FY 2020. This is despite absorbing the LVB's pre-tax losses of Rs 341 crore.
Zomato's IPO opens on July 14, price band fixed at Rs 72-76
A company statement said that the price band of the offer has been fixed at Rs 72 to Rs 76 per equity share. Bids can be made for a minimum of 195 equity shares and in multiples of 195 equity shares thereafter. The IPO consists of fresh issue aggregating up to Rs 9,000 crore (fresh issue) and an offer for sale by Info Edge (India) Ltd aggregating up to Rs 375 crore (offer for sale).
Global gold ETF flow subdued in June at 2.9 tonne
A report by World Gold Council (WGC) said that inflows into North American and Asian funds were primarily offset by outflows from European funds. "Overall, the positive flows came in spite of significant gold price weakness in the latter half of the month on the heels of a relatively hawkish Federal Reserve (Fed) outlook, suggesting that investors may have taken advantage of the lower price level to gain long gold exposure," it said.
Indian social ecommerce platform DealShare raises $144 mn
The company said it will utilise new funds in improving and scaling up its operations rapidly. The latest round marks the third funding for the company in a span of seven months, with the valuation increasing nine-fold on the back of high-growth momentum. The company expects its footprint to increase from current 20 warehouses across five states to over 200 warehouses across 10 states by the end of year.
Don't Miss
Advertisement